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Global Economy

Lula Criticizes The Hegemony Of The Dollar During Visit To China

April 15, 2023 Mauro Ramos, People's Dispatch. , , ,
The president of the New Development Bank (NDB), Dilma Rousseff, received the president of the Republic of Brazil Luiz Inácio Lula da Silva for the inauguration ceremony at the head of the bank. This was the first activity on the official agenda of the president during his state visit to China. Lula and Rousseff held a closed-door meeting with directors of the financial institution before starting the ceremony. First to speak, Rousseff, who was one of the founders of the BRICS bank, talked about the need to expand the institution’s capacity. “It is fundamental to expand the bank’s reach and impact. On the one hand, we have expanded the number of member countries, strengthening our cooperation platform.

Russia Leaves Neoliberal West To Join World Majority

April 15, 2023 Radhika Desai and Michael Hudson, Geopolitical Economy. , , ,
Michael and I thought that what we’d do today is talk about my impressions, and also weave them into a broader discussion about how the world order is changing towards multipolarity. So many things have happened. President Xi went to Russia, and President Macron went to China, and so many things are going on. So we’ll weave all of that into a broader discussion about my impressions from Russia. So what Michael and I thought we’d do is focus on two particular points that we thought were interesting that I picked up when I was in Russia is that during the whirlwind of conferences that I was at, at which some very prominent Russians spoke, the one thing that I heard that was really interesting is a decisive statement coming from some of the most influential speakers, that essentially Russia is moving away from the West and will never return.

World Bank, Brics Bank; New Leaders And Different Outlooks

April 11, 2023 Vijay Prashad, Asia Times. , , ,
In late February, US President Joe Biden announced that the United States had placed the nomination of Ajay Banga to be the next head of the World Bank, established in 1944. There will be no other official candidates for this job since, by convention, the US nominee is automatically selected for the post. This has been the case for the 13 previous presidents of the World Bank; the one exception was acting president Kristalina Georgieva of Bulgaria, who held the post for two months in 2019. In the official history of the International Monetary Fund (IMF), J Keith Horsefield wrote that US authorities “considered that the Bank would have to be headed by a US citizen in order to win the confidence of the banking community, and that it would be impracticable to appoint US citizens to head both the Bank and the Fund.”

Countries Worldwide Are Dropping The US Dollar

April 8, 2023 Ben Norton, Geopolitical Economy. , , ,
The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. China and Russia are trading in their own currencies. Beijing and Brazil have also dropped the dollar in bilateral trade. The UAE is selling China its gas in yuan, through a French company. Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. Kenya is buying Persian Gulf oil with its own currency. Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.

US Push To Strip China’s Developing Country Status

April 7, 2023 Danny Haiphong, Black Agenda Report. , , , ,
On March 28, the U.S. House of Representatives passed the "PRC Is Not a Developing Country Act" by a unanimous vote of 415-0 in yet another demonstration of the solid bipartisanship that exists in the United States when it comes to containing and isolating China. Under the terms of the bill, U.S. Secretary of State Antony Blinken would be directed to seek the removal of China's status as a developing country from international organizations and institutions. The United Nations, the International Monetary Fund (IMF) and the World Bank all recognize China as a developing country for good reason. China's GDP per capita, while rising, is $12,700 or about five times smaller than the U.S.'s.

Reviving Regionalism In The Age Of US Decline

April 1, 2023 Tanupriya Singh, People's Dispatch. , , ,
A new dossier produced by the Tricontinental Institute for Social Research in collaboration with the Center for International Policy Research (CIPR) in Cuba examines the realities and potential of these competing visions for a world order. New regional arrangements have emerged that have sought to create new modalities for trade, as well as other forms of financial and political exchanges, that are not bound by the “Washington Consensus and the IMF-Wall Street- Dollar Complex.” A key part of these developments has been the emergence of China as a trade and development partner for many countries in the Global South.

Latin America: US Improvises In Confronting The Silk Road

March 28, 2023 Claudio Katz, Orinoco Tribune. , , ,
The United States is losing economic primacy in Latin America in the face of the overwhelming presence of China, unable to find recipes to counterbalance this influence that threatens its traditional domination. The domination of the United States over Latin America has no equivalent in other parts of the world. In no other area has it maintained such direct control with such sustained interventions. It has always considered the region as a simple extension of its own territory. Because of this singular gravitation, the retreat of the first power south of the Rio Grande is illustrative of the crisis of American power. Washington is losing ground in its old fiefdom at a staggering rate.

Strike The Women, You Strike The Rock, You Will Be Crushed

March 24, 2023 Vijay Prashad, Tricontinental: Institute For Social Research. , , ,
What constitutes a crisis worthy of global attention? When a regional bank in the United States falls victim to the inversion of the yield curve (i.e., when short-term bond interest rates become higher than long-term rates), the Earth nearly stops spinning. The collapse of Silicon Valley Bank (SVB) – one of the most important financiers of technology start-ups in the United States – on 10 March presaged wider chaos in the Western financial world. In the days after the SVB debacle, Signature Bank, one of the few banks to accept cryptocurrency deposits, faced bankruptcy, and then Credit Suisse, an established European bank set up in 1856, fell due its longstanding poor management of risk.

Study: West Is Out Of Touch With Rest Of World Politically

February 27, 2023 Ben Norton, Geopolitical Economy. , , , , ,
A study by an elite European government-funded think tank found that, while the United States and Europe are growing closer together, the West is increasingly out of touch politically with the rest of the world. The report, from the EU member state-financed European Council on Foreign Relations, conceded that the system of “American global supremacy” is in rapid decline, and many people in the Global South want a new “multipolar world”. The series of polls concluded that NATO’s proxy war in “Ukraine confirmed the renewed centrality of American power to Europe”, uniting the West under Washington’s leadership.

Converging Debt Crises

February 26, 2023 Richard Heinberg, Resilience. , , ,
An enormous debt bomb threatens the US federal government and the nation’s financial system unless warring politicians can agree on a plan to defuse it. However, there are even bigger debt bombs ticking away beneath us all, of which fewer people are aware. It may be impossible to disarm all of them, but action is required to minimize the casualties. Let’s start by focusing on the immediate US debt threat, then widen our view to take in longer-term and more serious liabilities that have the potential to bring down the entire global industrial economy.

Inside Latin America’s New Currency Plan, With Andrés Arauz

February 16, 2023 Ben Norton, Geopolitical Economy Report. , , ,
Geopolitical Economy Report editor Ben Norton spoke with Ecuadorian economist Andrés Arauz, a former presidential candidate who came close to winning the 2021 elections. Arauz discussed Latin America’s attempt to create a new currency and regional financial architecture, to challenge what he described as the “hegemonic, neo-colonial” US dollar-dominated system. “We need the type of bank that can really serve the Global South”, he urged, calling for a “clearing and settlement bank that can allow for these transactions to take place, and that is not afraid of sanctions from the United States”.

Reasons For An Argentina-Brazil Currency Union

February 14, 2023 Barbara Fritz, Consortium News. , , ,
Even before German Chancellor Olaf Scholz met newly re-elected President Lula da Silva in Brasília last week, the latter had visited neighbouring Argentina, where he floated the idea of creating a common currency union for the two countries. The international response? Shaking heads. “It’s a terrible idea,” tweeted Paul Krugman, Nobel laureate in economics. In the German weekly Die Zeit, Thomas Fischermann wrote about a “dream money of the South.” So, was the announcement of a common currency for southern Latin America just talk? A monetary union of all of Latin America would cover 5 percent of global gross domestic product (GDP) – in comparison with the euro’s 14 percent, estimates the Financial Times.

Global Economic Forecast Reveals The Perils Of US Addiction To War

February 11, 2023 Danny Haiphong, Black Agenda Report. , , ,
The International Monetary Fund (IMF) has updated its global economic outlook for the current year and the predictions for the West remain grim. U.S. economic growth is set to slow to just 1.4 percent in 2023. The situation is worse in Europe, where leading EU countries will experience near zero growth. The IMF cited high interest rates in the U.S., as well as the economic shocks of the Ukraine crisis as reasons for the West's economic slowdown. Nonetheless, this only tells a part of the story. Economic growth is determined by much more than momentary shifts in the world situation. Inflation, wage stagnation and slow growth are not givens, even in difficult times. If this were the case, the IMF's projected growth rates for China and the U.S. would be the same or similar. Yet, China is predicted to grow about four to five times faster than the U.S. in 2023.

US ‘Neo-Imperialist’ Dollar Scheme Explained By Yanis Varoufakis

February 5, 2023 Ben Norton, Geopolitical Economy Report. , ,
Economist and former Greek Finance Minister Yanis Varoufakis said in a speech this January that the United States is leading a “new, audacious imperialism”, which he calls “neo-imperialism”. “Neo-imperialism’s highest form” is “globalization, financialized capitalist globalization”, Varoufakis added, stressing that this system is based on the dominance of the US dollar.

Presenting: The Havana Declaration On The New International Economic Order

February 2, 2023 Progressive International. , ,
Recalling the role of the Cuban Revolution in the struggle to unite the Southern nations of the world, and the spirit of the 1966 Havana Tricontinental Conference that convened peoples from Asia, Africa and Latin America to chart a path to collective liberation in the face of severe global crises and sustained imperial subjugation; Hearing the echoes of that history today, as crises of hunger, disease, and war once again overwhelm the world, compounded by a rapidly changing climate and the droughts, floods, and hurricanes that not only threaten to inflame conflicts between peoples, but also risk the extinction of humanity at large; Celebrating the legacy of the anti-colonial struggle, and the victories won by combining a program of sovereign development at home, solidarity for national liberation abroad, and a strong Southern bloc to force concessions to its interests, culminating in the adoption of the UN Declaration on the Establishment of a New International Economic Order (NIEO);
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